Short Interest in Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO) Decreases By 34.5%

Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 5,347,606 shares, a drop of 34.5% from the May 31st total of 8,160,044 shares. Based on an average daily trading volume, of 3,448,314 shares, the days-to-cover ratio is currently 1.6 days. Currently, 3.6% of the shares of the company are short sold.

Mereo BioPharma Group Price Performance

Shares of Mereo BioPharma Group stock opened at $0.33 on Friday. The firm has a market cap of $53.42 million, a price-to-earnings ratio of -6.69 and a beta of 0.35. Mereo BioPharma Group has a 52-week low of $0.20 and a 52-week high of $3.05. The company’s 50-day simple moving average is $0.29 and its 200-day simple moving average is $0.49.

Mereo BioPharma Group (NASDAQ:MREO) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). Equities research analysts anticipate that Mereo BioPharma Group will post -0.02 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on MREO shares. Zacks Research raised Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. BTIG Research reissued a “buy” rating and issued a $1.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, May 12th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Mereo BioPharma Group in a report on Monday, March 23rd. Finally, Lifesci Capital upgraded Mereo BioPharma Group to a “hold” rating in a research note on Thursday, March 19th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.25.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors have recently modified their holdings of MREO. Defilade Capital Management L.P. acquired a new position in Mereo BioPharma Group during the first quarter worth $2,494,000. Bank of America Corp DE lifted its holdings in Mereo BioPharma Group by 32,048.5% in the first quarter. Bank of America Corp DE now owns 8,195,287 shares of the company’s stock valued at $2,704,000 after acquiring an additional 8,169,795 shares during the period. EcoR1 Capital LLC lifted its holdings in Mereo BioPharma Group by 70.2% in the first quarter. EcoR1 Capital LLC now owns 13,368,855 shares of the company’s stock valued at $4,412,000 after acquiring an additional 5,512,389 shares during the period. Forefront Analytics LLC boosted its position in shares of Mereo BioPharma Group by 302.2% during the 1st quarter. Forefront Analytics LLC now owns 127,778 shares of the company’s stock worth $42,000 after purchasing an additional 96,010 shares in the last quarter. Finally, Virtus Investment Advisers LLC boosted its position in shares of Mereo BioPharma Group by 199.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 122,595 shares of the company’s stock worth $51,000 after purchasing an additional 81,665 shares in the last quarter. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for rare diseases, oncology and severe respiratory conditions. The company pursues an asset‐centric model, in which it in-licenses or acquires clinical-stage small molecules and monoclonal antibodies with established safety profiles. By concentrating resources on a select number of programs, Mereo aims to accelerate proof-of-concept studies and maximize the potential value of each therapeutic candidate.

Mereo’s pipeline includes investigational therapies for skeletal disorders, such as setrusumab (BPS-804) for osteogenesis imperfecta, and treatments for acute and chronic respiratory diseases.